Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: SEE SIGNIFICANT ACCOUNTING POLICIES ATTACHED
De Minimis Rate Used: N
Rate Explanation: AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The accompanying Schedule of Expenditures of Federal Awards (the SEFA) includes the federal award activity of the Foundation for the year ended June 30, 2024. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards, (Uniform Guidance). Because the SEFA presents only a selected portion of the operations, it is not intended to and does not present the financial position, change in net assets, or cash flows
of the Foundation.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: SEE SIGNIFICANT ACCOUNTING POLICIES ATTACHED
De Minimis Rate Used: N
Rate Explanation: AUDITEE DID NOT USE THE DE MINIMIS COST RATE
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: SEE SIGNIFICANT ACCOUNTING POLICIES ATTACHED
De Minimis Rate Used: N
Rate Explanation: AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The Foundation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.